comscore Oahu home prices fall in May for fourth time in 5 months | Honolulu Star-Advertiser
Top News

Oahu home prices fall in May for fourth time in 5 months

    The weakness in home sales during April was dramatic

The median price of previously owned single-family homes sold on Oahu fell in May for the fourth time in 5 months, the Honolulu Board of Realtors reported today.

The median price fell to $595,000 in May, down from $600,000 in the same month a year earlier.

The number of homes sold also declined, falling to 243 in May, down 15 percent from a year earlier.

The story was similar in the condominium market, with the median price in May falling to $290,000 from $305,000 the previous year. The number of condo sales fell to 330, a 10 percent drop from 368 in May 2010.

One positive sign in the Board of  Realtors’ report was an increase in pending sales of single-family homes to 292 in May from 239 a year earlier.

Also, the inventory of unsold homes fell to 1,479 in May from 1,658 a year earlier. At the current rate of sales it would take 6 months to liquidate the inventory of unsold homes, down from 6.5 months a year earlier, according to the report.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up